厦门钨业股份有限公司 SHOSTF 20 向特定对象 股股票 发1 保荐人(主承销商) 中信证券股份有限公司 CITIC Securities Company Limited 广东省深圳市福田区中心三路 8 号卓越时代广场(二期)北座 二〇二四年十二月 股票代码:600549 股票简称:厦门钨业 发行人及全体董事、监事、高级管理人员声明 本公司及全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚 假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法 律责任。 全体监事签字： 黄长庚 王 丹 侯孝亮 吴高潮 谢小彤 钟可祥 叶小杰 程文文 朱浩淼 李 翔 余 牧 陈光鸿 陈芬清 聂鑫森 王文艳 孙元新 郭丽华 林振坚 全体高级管理人员签字： 钟炳贤 周羽君 吴高潮 钟可祥 洪超额 厦门钨业股份有限公司 年 月 日 1 全体董事签字： 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏,并对其真实性、准确性、完整性承担相应的法律责 任。 全体董事签字: | 黄长庚 | 丹 王 | 侯孝亮 | | --- | ...

Financial Performance - In the first three quarters of 2024, Xiamen Tungsten Co., Ltd. achieved a consolidated revenue of CNY 26.369 billion, a decrease of 10.7% year-on-year due to significant declines in raw material prices for battery materials and rare earth products [2] - The total profit reached CNY 2.594 billion, representing a year-on-year increase of 22.16% [2] - The net profit attributable to shareholders was CNY 1.402 billion, up 20.78% year-on-year [2] - The net cash flow from operating activities was CNY 2.293 billion, an increase of 18.23% year-on-year [2] Business Segment Performance Tungsten and Molybdenum - The tungsten and molybdenum segment generated revenue of CNY 13.249 billion, a growth of 7.04% year-on-year, with a total profit of CNY 1.960 billion, up 17.34% [2] - Sales volume of fine tungsten wire increased by 95% year-on-year, reaching 1,065 million meters, with sales revenue growing by 52% [2] New Energy Materials - Revenue from new energy battery materials was CNY 9.882 billion, a decline of 24.69% year-on-year, with a profit of CNY 386 million, down 13.87% [2] - Sales volume of lithium cobalt oxide products increased by 30% year-on-year, while sales of ternary materials rose by 65% [2] Rare Earth - The rare earth segment reported revenue of CNY 3.203 billion, a decrease of 18.25% year-on-year, with a profit of CNY 180 million, up 61.92% [4] Strategic Initiatives - The company emphasizes innovation and has established a three-tier R&D organizational structure to enhance technological advancement and product development [5] - Focus on strategic mineral deep processing and new material R&D, particularly in tungsten, molybdenum, and rare earths, to improve industry chain value [6] Market Outlook - The domestic cutting tool market is expected to grow, with a projected market size of CNY 63.1 billion by 2030, reflecting a compound annual growth rate of 4.14% [8] - The company is enhancing its market presence and product offerings in response to increasing demand for high-end cutting tools [10] Shareholder Information - As of September 30, 2024, the total number of shareholders was 89,966 [7] Risk Management - The company is actively managing risks associated with industry predictions, investment projects, and strategic planning, urging investors to be cautious [18]

多家钨企长单采购价上调 厦门钨业回应：未收到公司钨精矿下半月调价消息 财联社11月21日电，钨板 块集体上行。 消息面上，近期多家上市钨企发布上调长单采购报价的通知。 对此，记者以投资人身份联系了厦门钨业投资者关系部门，询问相关长单采购报价情况。 该部门相关人士回复称，没有收到公司钨精矿11月下半月长单采购报价调整的消息。 整体来说，最近几个月钨精矿长单采购报价在波动上行，目前报价较今年年初更高，相较今年5月更 低。 最近的波动上行主要是受供需关系影响。 (21财经) ...

证券代码：600549 证券简称：厦门钨业 公告编号：临-2024-086 厦门钨业股份有限公司 2024 年第四次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 11 月 12 日 (二)股东大会召开的地点：厦门市展鸿路 81 号特房波特曼财富中心 A 座 21 层本公司 1 号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,357 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 676,883,670 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 47.7317 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次表决符合《公司法》及《公司章程》的规定，本次大会由董事长黄长庚先 生主持。 (五)公司董事、 ...

关于厦门钨业股份有限公司 2024 年第四次临时股东大会的 法 律 意 见 书 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码：350025 电话：（0591）88065558 传真：（0591）8806 8008 网址：http://www.zenithlawyer.com 福建至理律师事务所 关于厦门钨业股份有限公司 2024 年第四次临时股东大会的 法律意见书 闽理非诉字[2024]第 216 号 致：厦门钨业股份有限公司 福建至理律师事务所（以下简称"本所"）接受厦门钨业股份有限公司 （以下简称"公司"）之委托，指派魏吓虹、陈宓律师出席公司 2024 年第四次 临时股东大会（以下简称"本次大会"），并依据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公 司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）、《上海证券交 易所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》（以下 简称《监管指引第 1 号》）等有关法律、法规、规范性文件以及《厦门钨业股份 有限公 ...

股票代码：600549 股票简称：厦门钨业 公告编号：临-2024-085 厦门钨业股份有限公司 关于第三期员工持股计划锁定期届满的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 厦门钨业股份有限公司（以下简称"公司"）分别于 2023 年 8 月 1 日、2023 年 8 月 17 日召开公司第九届董事会第三十次会议和 2023 年第三次临时股东大 会，审议通过《第三期员工持股计划（草案）及其摘要》等议案，具体内容详见 公司分别于 2023 年 8 月 2 日、2023 年 8 月 18 日刊载在《中国证券报》、《上海 证券报》及上海证券交易所网站的公告。鉴于公司第三期员工持股计划所持有的 公司股票锁定期将于 2024 年 11 月 9 日届满，根据《关于上市公司实施员工持股 计划试点的指导意见》《上海证券交易所上市公司自律监管指引第 1 号—规范运 作》等有关规定的要求，现将公司第三期员工持股计划的锁定期届满情况公告如 下： 一、公司第三期员工持股计划的持有股份情况 根据《厦门钨业股份有限公司第三期员工持股计划 ...

Investment Rating - The report maintains a "Buy" rating for Xiamen Tungsten (600549 SH) with a target price of 31 05 yuan per share based on a 24x PE multiple for 2024 [5] Core Views - Tungsten and molybdenum materials: Integrated layout and new product upgrades are expected to drive steady profit growth The company has achieved an integrated layout in the tungsten and molybdenum sector with a self-sufficiency rate of over 70% for terminal tungsten products Deep processing products such as cutting tools and fine tungsten wires achieved a gross margin of over 40% in 2023 and are expected to see volume growth from 2024 to 2026 [2] - Rare earth materials: Expansion of magnetic material capacity and downstream motor layout will enhance added value and open growth space Under the carbon neutrality trend demand for rare earth permanent magnets is expected to continue growing The company's magnetic material capacity is projected to increase from 0 3 million tons in 2018 to 2 2 million tons by 2026 [2] - Battery materials: The industry is at a bottom with potential for profit reversal as downstream demand continues to grow Battery material prices stabilized in 2023-2024 and global demand for power batteries is expected to grow at over 35% annually from 2024 to 2026 driven by the deep penetration of new energy vehicles [3] Financial Projections - Revenue is projected to grow from 34 62 billion yuan in 2024 to 41 14 billion yuan in 2026 with a CAGR of 7 2% [4] - Net profit attributable to shareholders is expected to increase from 1 83 billion yuan in 2024 to 2 33 billion yuan in 2026 with a CAGR of 11% [4] - EPS is forecasted to rise from 1 29 yuan in 2024 to 1 64 yuan in 2026 [4] Business Segments Tungsten and Molybdenum - The company has achieved full industry chain coverage from mining to deep processing with a self-sufficiency rate of over 70% for tungsten resources [2] - New products such as fine tungsten wires and cutting tools are expected to drive growth with fine tungsten wire sales reaching 8 68 billion meters in 2023 [51] - The company plans to expand high-end deep processing capacity including hard alloys cutting tools and tungsten wires from 2023 to 2025 [64] Rare Earth - The company has a complete rare earth industry chain from mining to deep processing products [14] - Magnetic material capacity is expected to grow significantly from 0 3 million tons in 2018 to 2 2 million tons by 2026 [2] - The company is strengthening cooperation in the rare earth sector to ensure stable and high-quality raw material supply [78] Battery Materials - The company covers mainstream customers in the battery material industry and continues to increase production [3] - Revenue from battery materials accounted for 43% of total revenue in 2023 with a gross margin of 9% in the first half of 2024 [24] - The company is expanding its product line including cobalt lithium ternary materials and hydrogen energy materials [14] Industry Trends Tungsten - Tungsten demand is expected to grow driven by hard alloys cutting tools and tungsten wires with hard alloys accounting for 59% of total tungsten consumption in 2023 [39] - The supply of tungsten is tight with limited new capacity expected to support higher tungsten prices in the future [47] Rare Earth - Rare earth prices are expected to remain high due to tight supply and growing demand from industries such as wind power new energy vehicles and industrial motors [72] - The company is well-positioned to benefit from the growth in rare earth permanent magnet demand driven by carbon neutrality policies [76] Battery Materials - The global power battery market is expected to grow at over 35% annually from 2024 to 2026 driven by the deep penetration of new energy vehicles [3] - The company's battery material business is expected to see steady profit growth as demand for new energy vehicles continues to rise [3]

2024 年第四次临时股东大会会议资料 | 关于召开 年第四次临时股东大会的通知 3 2024 | | --- | | 议案一：关于控股子公司厦钨新能为其下属参股公司提供担保的议案 8 | | 议案二：关于修订《募集资金管理办法》的议案 12 | 2 / 21 2024 年第四次临时股东大会会议资料 厦门钨业股份有限公司 厦门钨业股份有限公司 2024 年第四次临时股东大会 会议资料 董秘办编制 2024 年 11 月 1 / 21 2024 年第四次临时股东大会会议资料 目 录 关于召开 2024 年第四次临时股东大会的通知 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第四次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 12 日 14 点 30 分 召开地点：厦门市展鸿路 81 号特房波特曼财富中心 A 座 21 层本公司 1 号 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投 ...

Company and Industry Summary Company Overview - The company reported a total revenue of 26.369 billion yuan for the first three quarters, a year-on-year decrease of 10.7% [1] - The average net profit margin increased to 12.02%, up by 1.07 percentage points year-on-year [1] - The net profit for the period was 402 million yuan, reflecting a year-on-year increase of 20.78% [1] Key Business Segments Revenue Breakdown - The decline in revenue was primarily attributed to lower product prices in the energy new materials and rare earth businesses, as well as the exclusion of certain mining operations from the consolidated financial statements [1] - The sales volume of the company's three main product lines increased year-on-year, contributing to a rise in gross profit margin [1][2] Business Performance - The total assets of the company reached 41.347 billion yuan by the end of September 2024, an increase of 2.475 billion yuan from the beginning of the year, representing a 5.28% year-on-year growth [2] - The net assets increased to 12.063 billion yuan, up by 851 million yuan, a growth of 7.59% [2] - Operating cash flow for the first three quarters was 2.293 billion yuan, an increase of 354 million yuan year-on-year [2] Segment Performance - The wood business generated 13.249 billion yuan in revenue, a year-on-year decrease of 7.04%, but profit increased by 17.34% [3] - The rare earth business saw a revenue drop of 18.25% to 3.203 billion yuan, while the electronic materials segment also experienced a decline [5] - The company’s tool business maintained stable sales, with significant growth in overseas markets, particularly in Asia-Pacific and Europe [4][6] Market Dynamics Industry Trends - The overall wood market in China showed a rapid rise and subsequent decline, with average prices increasing by 14% year-on-year [3] - The rare earth market experienced fluctuations, with prices for key products dropping by 18% compared to the previous year [5] - The energy materials segment reported a revenue of 9.882 billion yuan, down nearly 25% year-on-year [5] Future Outlook - The company is focusing on expanding its overseas market presence and enhancing local service capabilities in regions like Thailand and Vietnam [4][6] - New projects are underway, including a 2 billion piece capacity for blade production expected to be completed by 2028 [7] - The company is also exploring overseas mining opportunities to secure resources and enhance self-sufficiency [11][12] Financial Health - The company’s profitability is expected to stabilize as the three main business segments recover from previous downturns [15] - The management emphasized the importance of maintaining a balanced approach to project investments across its three main segments: wood, energy new materials, and rare earths [14][15] Investor Insights - The company is actively working on improving its market valuation, which has been affected by its diversified business model [13][14] - The management believes that as the performance of all three segments improves, the overall valuation will also recover [15][16] Conclusion - The company is navigating a challenging market environment with strategic initiatives aimed at enhancing operational efficiency and expanding market reach. The focus on overseas growth and project development is expected to drive future performance and stabilize financial health.

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for the first three quarters of 2024 was 26.37 billion yuan, a year-on-year decrease of 10.7%, while the net profit attributable to shareholders was 1.4 billion yuan, an increase of 20.8% year-on-year [1] - The company's tungsten and molybdenum business saw a decline in profitability in Q3 due to falling prices and decreased sales volume of fine tungsten wire [2] - The energy new materials segment showed improved profitability in Q3, driven by increased demand and sales growth [4] - The rare earth business demonstrated a gradual recovery in profitability, with stable growth in magnetic material sales [4] - The company is positioned as a materials platform enterprise with growth potential across its tungsten, rare earth, and cathode materials segments [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 9.21 billion yuan, a year-on-year decrease of 14.7%, but a quarter-on-quarter increase of 3.5% [1] - The net profit for Q3 was 390 million yuan, a year-on-year increase of 4.3% but a quarter-on-quarter decrease of 34.6% [1] - The company’s total revenue for the first three quarters was 26.37 billion yuan, with a net profit of 1.4 billion yuan [1] Business Segments - Tungsten and Molybdenum: Q3 revenue was 4.47 billion yuan, a year-on-year increase of 0.1% but a quarter-on-quarter decrease of 5.6% [2] - Energy New Materials: Q3 revenue was 3.582 billion yuan, a year-on-year decrease of 28.4% but a quarter-on-quarter increase of 19.4% [4] - Rare Earth: Q3 revenue was 1.15 billion yuan, a year-on-year decrease of 11.8% but a quarter-on-quarter increase of 0.6% [4] Profitability Metrics - The profit margin for the tungsten and molybdenum business in Q3 was 11.9%, down 0.8 percentage points year-on-year and 6.8 percentage points quarter-on-quarter [2] - The profit margin for the energy new materials segment was 3.9%, with a year-on-year increase of 0.4 percentage points [4] - The rare earth business turned profitable in Q3 with a profit margin of 5.5%, up 8.7 percentage points year-on-year [4] Future Outlook - The company expects net profits for 2024, 2025, and 2026 to be 1.866 billion yuan, 2.136 billion yuan, and 2.378 billion yuan respectively, with year-on-year growth rates of 16.53%, 14.45%, and 11.32% [5] - The current stock price corresponds to price-to-earnings ratios of 15, 13, and 12 for the years 2024, 2025, and 2026 respectively [5]